Why Innovation Is An Tool For Generating Value And A Source Of Competitive Advantage

Innovations form the main sources of competitive advantages and are always of significance for the growth of a company. Companies or organizations put their greater efforts in improving their performance by finding new ideas and knowledge on the best way of beating their competitors and therefore give satisfaction to their customers. There are various factors involved in the innovation design system which can be either internal or external.

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

According to various dictionaries and blogs innovation is bringing about “new” ideas and as much as there is an element of truth to this statement, I'd like to argue that it is fundamentally wrong. I think our view of innovation is one dimensional or even false for our modern day error and this can best be illustrated by the invention of the internet. “The Internet was the result of some visionary thinking by people in the early 1960s who saw great potential value in allowing computers to share information on research and development in scientific and military fields.”

Technological change is a fundamental driver of economic development and performance, not only at the level of firms and industries but also economies. Innovation is the organizational process through which new

The word ‘innovation’ is derived from Latin word ‘innovare’, which means “to change something to new”. In other words, we may say that ‘innovation’ means changing the regular way of doing things and involves doing the regular things in a novel way.

In the early 1970s the process of industrial innovation was commonly assumed as the “linear progression”, through development of technology in organizations, to marketplace, that became the “technology push model”. And in “mid 1960s- early 1970s period” appears 2ndgeneration of “Innovation model”, alluded to as "market pull innovation model”. In accordance with “simple sequential model”, the marketplace was new ideas as a source for controlling “R&D” that had a responsive role in innovation process. That is “demand pull” model. Individuals obtained this theory due to their restricted vision then. They considered science as the origin and cause of innovation. Consequently they believed that high investment leads to novel innovative product production (Balconi, Brusoni & Orsenigo 2010). Clearly, the one reason of innovation is scientific research. In the 20th century, several big companies, like “Ford, Philips, ICI and Western Electric”, put money on the research laboratory. They fed the quickly emerging markets for vehicles, industrial chemicals and electrical products for consumers with the “science and technology” assistance and structured efforts for “research and development” built steady innovation streams. The other main aspect is demand, where it can be easily understood. The needs of

Innovation is the process of taking a new idea and putting it into practice as part of the organization 's normal operating routine. It is the use of the ideas created i.e. the transaction of the ideas into practical applications.

Innovation is the process of creating new value using advance knowledge produced as a result of invention.

Innovation is not just another way of developing new products and services or breathing life into existing ones. It involves much more. Innovation is the single best way in which to leapfrog competition by ensuring constant change in products and/or processes.

A key to achieving competitive advantage is producing a product that has value (Fortenberry, 2010). To achieve value Health Smart Nurse Consulting Group (HSNCG) has to engage in activities that that can build value. Michael Porter Value Chain will be utilized to identify value-producing activities that are within in the consulting group. If these activities run efficiently, the company will gain competitive advantage of the product or service. All the activities in an organization have cost, and generate a return. If rate of return is greater than the cost, the activities will add value to the organization

process different models without any special tooling up time or pauses in the production flow. An upgraded technology would position the company not as a “new comer” in international market but as a needed force to drive innovation. Company should leverage some of its domestic strengths to expand internationally. The company could either open new stores internationally or apply a targeted acquisitions of foreign competitors strategy to enter new markets and reinforce technological and productive capabilities. The company should start Exporting on an opportunistic basis to use the production surplus of the company in neighboring countries especially in Middle East and North Africa, to eventually become a core element of the company growth strategy. Furthermore, The company should invest heavily in upgrading its manufacturing quality and productivity to

- Adaptation: to be survived, after suffer through several money-losing and facing bankruptcy, in 1964, the firm moved forward from the nuclear industry to steel industry.

enterprises such as the case company Honda. However, it does not secure, on its own,

The aim of this article is to increase insight of how a firm’s innovation strategy explore different innovations strategies In firms of

In the present global business world every organisation needs to become a successor. To gain the business success everyone has to adopt innovation in their organizational structure. The word innovation has derived from the Industrial revolution, which had taken placed in Nineteenth Century. After the Industrial Revolution, it was observed that there was a growth in the economy as well as progress in the living standards of human societies due